Apple’s balance sheet for the most recent fiscal year yields the following information related to accounts...

Apple’s balance sheet for the most recent fiscal year yields the following information related to accounts receivable:

Accounts Receivable $17,932,000,000

Allowance for Doubtful Accounts 58,000,000

Accounts Receivable, Net $17,874,000,000

Provide several sentences to describe the meaning of each line item and related dollar amount shown above for Accounts Receivable, Allowance for Doubtful Accounts, and Accounts Receivable, Net.

Solutions

Expert Solution

Account receivable: $17,932,000,000.

It means the business has total accounts receivable of $ 17,932,000,000 on account of goods or services provided to different vendors. These are the amounts which is booked in the books of accounts at the time invoices issued or services/goods provided.

Allowance for doubtful accounts: $58,000,000

This is the balance of all those accounts which the company considered doubtful to be recovered. This amount relates to all those balance which are recoverable but considered as doubtful on account of some dispute. This amount included in above account receivable of $17,932,000,000.

Account Receivable net: $ 17,874,000,000

This is the balance which company shows in books as receivable and considered good. This is the net amount of total amount receivable after considering allowance for doubtful debts. Main purpose of providing allowance for doubtful debts is to find out a correct position of comapny's account receivable.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Question 14 Carla Vista Automotive’s balance sheet at the end of its most recent fiscal year...

Question 14 Carla Vista Automotive’s balance sheet at the end of its most recent fiscal year shows the following information: Carla Vista Automotive Balance Sheet as of March 31, 2017 Assets: Liabilities and Equity: Cash and marketable sec. $20,000 Accounts payable and accruals $164,000 Accounts receivable 151,000 Notes payable 29,000 Inventory 235,000 Total current assets $406,000 Total current liabilities $193,000 Long-term debt 166,000 Total liabilities $359,000 Net plant and equipment 770,000 Common stock 312,000 Goodwill and other assets 100,000 Retained...

71) Prior to closing the accounts at the end of the most recent fiscal year, the...

71) Prior to closing the accounts at the end of the most recent fiscal year, the Town of Sonora reports the following amounts (in thousands): Assets Liabilities Revenues Expenditures or Expenses General fund $ 200 $ 100 $ 700 $ 540 Special revenue fund 100 70 70 60 Capital projects fund 800 500 0 2,000 Internal service fund 50 40 130 400 Enterprise fund - Solar 150 100 400 300 Enterprise fund - Hydro 1,700 1,000 4,000 3,500 Required: Applying...

The balance of Landy Corporation's accounts payable at the beginning of the most recent year was...

The balance of Landy Corporation's accounts payable at the beginning of the most recent year was $ 50,000. At the end of the year, the accounts payable balance was $ 54,000. Landy's sales revenue for the year was $ 3,105,000, while its cost of goods sold for the year was $ 1,508,000. Calculate Landy's days' payable outstanding (DPO) for the year. Assume inventory levels are constant throughout the year. If the credit terms from Landy's suppliers are n/30, how would...

adidas Group reported the following balance sheet accounts in a recent year (euros in millions). Prepare

Question: adidas Group reported the following balance sheet accounts in a recent year (euros in millions). Prepare the balance sheet for this company, following usual IFRS practices. Assume the balance sheet is reported as of December 31, 2014. Property, plant and equipment €1,454 Intangible assets . €2,763 Total equity . 5,617 Total current liabilities . 4,378 Accounts receivable 1,946 Inventories . 2,526 Total noncurrent liabilities . 2,422 Total liabilities 6,800 Cash and cash equivalents . 1,683 Other current assets 1,192...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 220 $ 330 Accounts receivable, net 360 380 Inventory 330 300 Prepaid expenses 20 20 Total current assets 930 1,030 Plant and equipment, net 1,180 1,300 Total assets $ 2,110 $ 2,330 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 300 $ 330 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 170 $ 230 Accounts receivable, net 260 280 Inventory 230 200 Prepaid expenses 20 20 Total current assets 680 730 Plant and equipment, net 880 900 Total assets $ 1,560 $ 1,630 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 200 $ 230 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 190 $ 270 Accounts receivable, net 300 320 Inventory 270 240 Prepaid expenses 20 20 Total current assets 780 850 Plant and equipment, net 1,000 1,060 Total assets $ 1,780 $ 1,910 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 240 $ 270 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 160 $ 210 Accounts receivable, net 240 260 Inventory 210 180 Prepaid expenses 20 20 Total current assets 630 670 Plant and equipment, net 820 820 Total assets $ 1,450 $ 1,490 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 180 $ 210 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...

Subjects